Series 28: OTC Equity Securities

Taken from our Series 28 Online Guide

OTC Equity Securities

FINRA may also review OTC transactions if their price exceeds certain thresholds. Should it declare an OTC transaction null and void, it must do so by 3:00 p.m. ET on the next trading day. The threshold price for an OTC equity transaction to be found clearly erroneous is as follows.

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Reference Price	Numerical Guidelines (Subject Transaction’s Percent Difference from the Reference Price)
$0.9999 and under	20%
$1.0000 to $4.9999	Low end of range minimum 20%–High end of range minimum 10%
$5.00 to $74.9999	10%
$75 to $199.9999	Low end of range minimum 10%–High end of range minimum 5%
$200 to $499.9999	5%